Facebook Pinterest Search Icon SourcingJournal_horiz Tumbler Twitter Shape photo-camera graph-trend Shape latest-news icon / user

Trump to Pull US From TPP Monday

LESS THAN ONE WEEK AWAY! Join Sourcing Journal & industry leaders at our SOURCING SUMMIT NY on October 19 to discuss the most pressing issues of the day. Your business cannot afford to miss this!

As promised, President Trump’s first executive order Monday will be to withdraw the United States from the Trans Pacific Partnership.

Sources close to the matter told CNN that the new president will sign an executive order—his first in office—Monday to begin the process of getting the U.S. out of the trade deal it’s been negotiating for more than seven years.

The move, in keeping with his campaigning, is expected to send a clear signal to the world that Trump is taking action on trade and deals won’t be done as they have been in the past, and that a new order of protectionism is settling in. The president wants new trade deals and renegotiations on existing ones to be handled and implemented by “the people” and not “Washington elite,” who could also be considered those experienced in handling the complexities of trade negotiations.

President Obama made every effort to get the TPP trade deal signed before he left office, but it was a no go. Had the TPP gone forward, however, it was expected to open up trade among the 11 Pacific Rim nations that were part of the deal—Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam—which together account for roughly 40 percent of the global economy.

There have been no official statements yet from the White House, or on Twitter, on the unraveling of TPP. But the President is also expected to sign an executive order to renegotiate the North-American Free Trade Agreement.

In other news related to actions taken since Inauguration Day Friday, President Trump fired all politically appointed U.S. ambassadors to foreign nations, asking them to leave their offices Friday.

Though it’s common for ambassadors to resign at the start of a new administration, no grace period was given and replacements for the released ambassadors have not yet been named. As many as 80 countries are now without direct access to the president, and in some of those countries, relations with the U.S. are critical and in some cases, even sensitive.

Related Articles

More from our brands